VIX hits 3 year highs

The VIX is now over $20, a level not seen since 2003.


I have sold some of my SPY Puts just as a function of their gains; I
still have a decent slug of the Septembers (wish I bought more).

I also
put a toe in the water buying with some Qs (long), but readers are warned my timing
was awful last time out.

NOTE: Long SPY Puts, VIX calls, QQQQs

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What's been said:

Discussions found on the web:
  1. Brian commented on Jun 8

    You must be rich the way things are going lately. The next Kudlow appearance you should show up with tons of bling and wads of cash falling out of your pocket to rub it in the permabulls’ faces.

  2. TonytheTiger commented on Jun 8

    Still a possibility for another leg up. If the market stops mid-day and closes high. I don’t trust this market mid term or long term. Day trading currently is the way to go.

  3. jbl commented on Jun 8

    DJIA exactly where it was 12 months ago , $/Euro also , 30-year was 4.65% now 5.10%……. these problems are overseas , and while we get some fallout we’ll weather this a lot better than they ….( Nikkei 17,500 vs. 11000 year ago , etc. …)

  4. Groove commented on Jun 8

    Nice to see everything get whacked at once – stocks, emerging markets, gold, oils. Don’t look now, but the 10-year is back under 5%.

  5. jab commented on Jun 8

    The question is when BB goes to 5.25% does the 10 Yr stay under 5% that would be a larger inversion than last winter which was really just a flat curve. How inverted will the curve get?

  6. Mark commented on Jun 8

    They’ve strapped on their rally caps! Let’s all get long. It’s a great day in America!

    Kudlow will be insufferable if this turns around…..

  7. erik commented on Jun 8

    if bernanke goes to 5.25 the 10year will follow suit. you can take that to the bank.

  8. emd commented on Jun 8

    not buying this intraday rally…. the NYSE composite is still down well over 1%….. they’re painting the tape with the Dow.

    guess we’ll see what the final your brings


  9. emd commented on Jun 8

    guess we’ll see what the final “HOUR” brings…..

    my favorite quote of the day from a yahoo message board…. “Find a red one that’s coming up for air and shoot it!” LOL

    sell the rallies until it doesn’t work anymore. IMO

  10. Alaskan Pete commented on Jun 8

    Get on the LOVE train baby, and turn that frown upside down, LOL. Captain, she’s breakin’ up, I can’t hold her together.

  11. Alaskan Pete commented on Jun 8

    Get on the LOVE train baby, and turn that frown upside down, LOL. Captain, she’s breakin’ up, I can’t hold her together.

  12. ndk commented on Jun 8

    It’s time for the bounce-test. The mini-capitulation around down -140 on the Dow looks like just the comforting signal people needed to get back into the water to me. I’ve closed out my domestic shorts and I’ll give it a week or two before I reopen.

  13. wcw commented on Jun 8

    As noted on the next thread, I did much the same today, if perhaps a little more aggressively on closing puts. I’m almost expecting to be wrong, but I am hoping for a shortable bounce here.

    Added some biotech longs, too, in addition to the other trades noted there.

    Fingers crossed.

  14. tjofpa commented on Jun 8

    I’m feelin the love, Pete…
    even got some help after hours from NSM and TXN
    NASD pops tomorrow for 40+ as long as no Fed Head
    peeps out of his hole.

  15. Leisa commented on Jun 8 an overview of In Expert Political Judgment, Philip Tetlock

    Here’s an interesting article regarding the accuracy of experts. It seems timely given all of the expert predictions in the media and other hype outlets. Here’s an excerpt. I think some in the crowd will recognize themselves as foxes.

    “Tetlock’s other group was—surprise!—the foxes. The fox’s view of history tends to be the opposite of the hedgehog’s: it is determined by multiple inputs, and is not filtered through a single grand theory. Foxes tend to be somewhat suspicious of grand historicist explanations of events; they prefer to base their analyses on multiple, often contradictory viewpoints. They are much more skeptical of their inputs than hedgehogs are, are much more tentative in their conclusions. They tend to be quicker to change their minds in the face of subsequent developments.

    And, Tetlock says, foxes outpredict hedgehogs just about across the board. One reason why, apparently, is that hedgehogs are more prone to standard psychological biases that so regularly skew human judgment. Tetlock’s work indicates hedgehogs had greater hindsight bias than foxes do, for example, and were less willing to update beliefs upon the receipt of new information. They were more overconfident in their views, as well.”

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